Caleb Schwab died in August last year from riding the Verruckt waterslide in Kansas, which is known as the world's tallest.

Three people were on the raft at the time of the youngster's death, with Caleb sitting in the front seat. The 10-year-old suffered a "fatal neck injury" while two other women sustained facial injuries.

The slide at Schlitterbahn water park - which is 17 stories and got its name from the German word for 'insane' - has been closed since the little boy's death.

Riders go down the water slide called "Verruckt" which means 'insane' in German. Source: AP

A view down the 50-metre high slide. Picture: Youtube.

The settlement amount has been released to hold those responsible "publicly accountable"

The settlement with the family had already been announced, but the amount was never disclosed.

The Kansas City Star had the court documents released after arguing the amounts paid should be released to ensure those responsible for Caleb’s death are held publicly accountable.

The largest payment to Caleb's family, $14 million, will come from the two companies associated with the Texas-based water park operator Schlitterbahn.

The rest of the money will come from the contractor, the raft manufacturer and a company that consulted on the water slide.

Caleb Schwab with his dad Scott Schwab, a Kansas state politician from Olathe. Source: David Strickland/AP

The family want to do everything "they can to ensure this never happens to another family"

While an investigation is still underway it is believed that Caleb's raft went airborne before coming into contact with the ride's safety netting. During the ride he was decapitated, and the two women riding with him suffered serious facial injuries.

The two women have also settled their claims against the companies involved in the making of Verruckt.

Caleb family’s lawyers, said previously in a written statement that the family was “determined to hold all those responsible for this tragedy accountable, while doing all they can to ensure this never happens again to another family.”

At the time of Caleb’s death, Kansas was known for its light regulation of amusement park rides. But last month, Republican Gov. Sam Brownback signed off on legislation that strengthened the state’s requirements.

Caleb’s father is Republican Kansas state Rep. Scott Schwab. He said in March in of the Kansas House that the bill was for “the next kid who goes some place in Kansas for a fun weekend".

The owner of the slide previously announced it would tear down Verruckt once a court allows it, although it remains unclear when that will happen.

The dizzying slide where a boy died. Source: AP

Kansas Boy Killed on World’s Tallest Water Slide72000

The 10-year-old son of a state legislator died from a neck injury while riding the world’s tallest water slide at Schlitterbahn Waterpark in Kansas City, Kan. Photo: European Pressphoto Agency

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